Don’t stay idle in retirement, PenCom tells workers

The National Pension Commission (PenCom) has advised Federal Government workers due for retirement in 2019 not to stay idle when they eventually retire.

Speaking at the Pre-Retirement Workshop for Federal Government workers due to retire in 2019 under the Contributory Pension Scheme (CPS), the Acting Director General, of PenCom, Mrs. Aisha Dahir-Umar, told the prospective retirees that the commission was committed to ensuring that they got their benefits when they retired.

Mrs. Dahir-Umar said the commission had established uniform set of rules, regulations and standards for all aspects of pension administration, including payment of retirement benefits.

Data from the Benefits and Insurance Department of PenCom show that from December 2007 to March 2018, PenCom approved N6.14bn monthly as pension under CPS and N467.98bn as lump sum for 180,783 retirees on programmed withdrawal.

From January 2010 to March 2018, 51,819 retirees on annuity got N2.54bn as monthly pension from N259.58bn premium approved for annuity and N63.9bn as lump sum.

“We all look forward to retirement so that we can take things easy, but we should also engage in activities that will stimulate our brains,” Mrs. Dahir-Umar told the prospective retirees.

The PenCom boss told them that the commission was on the same side of the fence with them in advancing the good of retirees.

“As part of our annual regulatory activities, the commission has finalised arrangements to commence the verification of prospective retirees who would be retiring in 2019. The verification exercise is scheduled to be undertaken from June 25, to August 17, 2018, in 15 centres across the country,” she said.